Purpose and Background
In accordance with the Sarbanes-Oxley Act, which makes it a crime to alter, cover up, falsify, or destroy any document with the intent of impeding or obstructing any official proceeding, this policy provides for the systematic review, retention, and destruction of documents received or created by the MiraCosta College Foundation (the “Foundation”) in connection with the transaction of organization business. This policy covers all records and documents, regardless of physical form, contains guidelines for how long certain documents should be kept, and how records should be destroyed (unless under a legal hold). The policy is designed to ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent destruction of records, and to facilitate The MiraCosta College Foundation’s operations by promoting efficiency and freeing up valuable storage space.
Document Retention
The Foundation follows the document retention procedures outlined in the schedule
below. Documents that are not listed, but are substantially similar to those listed
in the schedule, will be retained for the appropriate length of time.
Corporate Records
| Annual Reports to Secretary of State/Attorney General | Permanent |
| Articles of Incorporation | Permanent |
| Board Meeting and Board Committee Meeting Minutes | Permanent |
| Board Policies/Resolutions | Permanent |
| Bylaws | Permanent |
| Construction Documents | Permanent |
| Fixed Asset Records | Permanent |
| IRS Application for Tax-Exempt Status (Form 1023) | Permanent |
| IRS Determination Letter | Permanent |
| State Sales Tax Exemption Letter Contracts (after expiration) | 7 years |
| Correspondence (general) | 3 years |
Accounting and Corporate Tax Records
| Annual Audits and Financial Statements | Permanent |
| Depreciation Schedules | Permanent |
| IRS Form 990 Tax Returns | Permanent |
| General Ledgers | 7 years |
| Business Expense Records | 7 years |
| IRS Form 1099 | 7 years |
| Journal Entries (Deposits) | 7 years |
| Invoices (Check Requests) | 7 years |
| Sales Records (box office, concessions, gift shop) | 7 years |
| Petty Cash Vouchers | 3 years |
| Cash Receipts | 3 years |
| Credit Card Receipts | 3 years |
Bank Records
| Check Registers | 7 years |
| Bank Deposit Slips | 7 years |
| Bank Statement and Reconciliation | 7 years |
| General Ledgers | 7 years |
Payroll and Employment Tax Records*
| Employment and Termination Agreements | Permanent |
| Retirement and Pension Plan Documents | Permanent |
| Records Relating to Promotion, Demotion or Discharge | 7 years after termination |
| Accident Reports and Worker's Compensation Records | 5 years |
| Salary Schedules | 5 years |
| Employment Applications | 3 years |
| I-9 Forms | 3 years after termination |
| Time Cards | 2 years |
Donor and Grant Records
| Donor Records and Acknowledgment Letters | 7 years |
| Grant Applications and Contracts | 7 years after completion |
Legal, Insurance, and Safety Records
| Appraisals | Permanent |
| Copyright Registrations | Permanent |
| Environmental Studies | Permanent |
| Insurance Policies | Permanent |
| Real Estate Documents | Permanent |
| Stock and Bond Records | Permanent |
| Trademark Registrations | Permanent |
| Leases | 6 years after expiration |
| OSHA Documents | 5 years |
| General Contracts | 3 years after termination |
Electronic Documents and Records
Electronic documents will be retained as if they were paper documents. Therefore,
any electronic files, including records of donations made online, that fall into one
of the document types on the above schedule will be maintained for the appropriate
amount of time. If a user has sufficient reason to keep an e-mail message, the message
should be printed in hard copy and kept in the appropriate file or moved to an “archive”
computer file folder. Backup and recovery methods will be tested on a regular basis.
Emergency Planning
The Foundation’s records will be stored in a safe, secure, and accessible manner in the Foundation office or in the MiraCosta College document storage facility. Electronic documents and financial files that are essential to keeping the Foundation operating in an emergency will be duplicated or backed up in accordance to the MiraCosta College data retention system.
Document Destruction
The Foundation’s Executive Director is responsible for the ongoing review of the Foundation’s records, identifying those records that need to be destroyed, and overseeing their destruction.
Document destruction will be suspended immediately, upon the indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation or litigation.
Compliance
Failure on the part of those responsible to follow this policy can result in possible civil and criminal sanctions against the Foundation and possible disciplinary action against responsible individuals.
Shredding/Destruction
The Foundation requires that any items or documents containing personal information such as name, address, phone number, etc. that are assigned to be destroyed be shredded or marked out (redacted) with permanent ink before being placed in the garbage.
*The Foundation currently has no employees. All records pertaining to Foundation employees are retained by the MiraCosta Community College District.
Approved and Adopted 10.30.02009, 2.9.2012, 2.13.2014